2003News

IMF agreement funds to power distributors

Once an agreement with the International Monetary Fund (IMF) is signed, US$200 million will be paid to cover the public sector?s debt to the power distribution companies, according to Finance Minister Rafael Calderon. The minister expressed confidence that this injection of funds by the IMF would help overcome the current financial crisis in the sector. Power cuts are set to continue as a result of the fuel shortage caused by the cash-flow crisis. According to the lead story in El Caribe, the government has approved a payment of RD$700 million to one of the companies, AES Edeeste, and has also committed to making payments to Union Fenosa?s Edesur and Edenorte.